Bitcoin Forum

Yes The United States is the first with $1.44 Bn (22.77%) and the 2nd is Russia with $1.05 Bn (16.55%). The United Kingdom the 3rd with $738 M (11.67%) and Venezuela the 4th with $707M (11.18%). China is the 5th with $622M (9.83%)

It is really weird that China is in 5th place
Asia is the continent with the biggest highest trading volume $2.07 Bn and so far more than $6.5 Bn has been traded on localbitcoins

For more information visit: https://totalcrypto.io/bitcoin-adoption-trading-volume-country/#Bitcoin_Trading_Volume_by_Country_8211_Chart

the volume that exchanges report is not the same as trading volume of a country! mainly because most exchanges are accepting traders from foreign countries. for example if I that don't live in US, use a US exchange such as Coinbase, the volume that I add to the total shouldn't be counted as US volume!
not to mention that most of these stats are not accurate because most of them inflate their numbers for competition. not to mention that methods that people use are not the same. for example Chinese are currently OTC trading or trading on Japanese and other foreign exchanges which is why you think it is lower.

"The data shows that 72% of Bitcoin trading happens in just five different countries. This just goes to show what a long way Bitcoin has to go before it can be deemed a truly global currency." This is true, Bitcoin is still far from being an international currency.

As a Venezuelan citizen, I expect this volume to has a sustained resistance in those levels, since our county has become more aware of cryptocurrencies and of course Bitcoin. You only need to saw the volume in 2017 and compare it with 2018 it's insane, despite the bear a  bear market.

https://fotos.subefotos.com/31cd6d942b2529f266bc84247e8af4aao.png

Shit that's a big dump.

Better call a plumber, your going to need one

Anyone cold this winter can now get free space heaters left over from the CPU wars that BTC started
https://www.zerohedge.com/news/2018-11-20/whats-happening-now-crypto-devastation-collapses-hash-rate-forces-miners-dump-rigs

Burning CPU power is shit code, i did warn you all

He's only talking about LocalBitcoins volume though. Wouldn't the statistics be fairly accurate, since people do generally have their country listed in their profile?
It might be possible that LBC inflates their numbers, but since it's more of an OTC exchange, I fail to see how they can do that exactly.

Title is a bit clickbaity though, it should mention that we're talking about LBC volume, which isn't particularly indicative of general worldwide Bitcoin trading volume.

Am not going to argue this, placing China in the 5th position is some what questionable about the accuracy of the data. I was expecting to see China at the 3rd or 4th position. Is possible they are not properly tracked.

I am not sure what is the status of the BTC in China, i am hearing diferent theories on daily basis- crypto is banned and then again unbanned. Therefore i doubt that this number is accurate and represents the real volume in China, also we allk now how big of a problem is washtrading.

Guys, just stop with this whole China is the biggest, greatest, bla bla bla
China had just overinflated numbers in shady exchanges like okcoin and huobi and others, in reality, usage and trading is well below European countries.

This girl (https://news.bitcoin.com/china-during-crypto-ban-one-woman-tries-to-live-on-bitcoin/) tried to purchase food with BTC in Beijing and failed miserably while in Prague alone there are 20 restaurants accepting BTC

This whole pack of myths regarding China has been debunked a thousand times, just stop with it.

Well a lot of trading is also happening over the counter, millions in fact traded without open records because large institutions will not buy through the exchanges at the market price, no they will purchase Bitcoins from the big whales and private investors at a discount because they will buy in bulk. In turn the big whales will dump and suppress the price further in order to repurchase more Bitcoins at a further discount to what they sold them at over the counter to the wall street sharks.

everything about China has been exaggerated, but they are not exactly wrong. Chinese have always been big traders in every market and ever since they found out about bitcoin (and surprisingly litecoin) they have been trading the shit out of it with a huge volume. big mining farms are also located in China.
but when it comes to news, they say they control 90% of the hashrate!!! they have the highest trading volume,...

in short China is in fact big but not nearly as big as the media portrays it to be.

72% of the volume happens in only 5 countries. We have some time to go until we really are decentralized volume wise but we are getting there!BTC

I'm curious, would you mind telling us your thoughts on the Petro? Among those interested in cryptocurrency over there, how many of them have plans to use it, granted it ever becomes a real thing?

I know the bolivar is one of the few currencies that has more volatility than bitcoin. Just wondering what the general vibe is regarding the petro. We hear so much about it but not much from actual Venezuelans.

You have to know that not all trades are reported, so there must be certain variations in those charts, it is surprising that China that supposedly has forbidden cryptos is in 5th place and Venezuela is also to be expected because, with everything and volatility, it is still much better to have bitcoin than the local currency so devalued.

And the most impressive thing is that these numbers are from a bear market, can you imagine if we were going up? I think the adoption would be even more prominent, it is true that the market is not so beneficial to make an investment, but bitcoin is still an excellent method of transaction, as this chart indicates.

The U.S can collect accurate statistics because most trades happen above board, in countries where crypto trading is a grey area they won't use localbitcoins, but it is still a useful figure to see

We know it has been exaggerated but we don't know how much.
You also say they trade like Duracell bunnies but there are no real numbers that can back that claim up, is it?
Same for the hashrate , is there any proof of it? No, just speculation as I've seen numbers from 90 to 60 to 50.


Funny thing tho when re-reading the article...
Russia is in Asia? Seriously?  ;D ;D ;D

 

Trading volume, not use, don't get confused =) Add in all those wash trading, and we should have always known Bitcoin volume is somewhat inflated, though OTC is probably more than enough to balance those numbers anyway.

Localbitcoins is a good indicator for me, because we're talking about p2p. Individuals trying to buy and/or sell. Different form of trading, but a lot more useful than what goes on on most exchanges.


More than two thirds of the Russian Federation is on the Asian continent actually, and in the days of the Soviet Union, even maybe close to 85%? Still, most of developed Russia and certainly, where the trading happens, is in European Russia.

You realize of course that the volume we're talking is all time, right?
Because if we talk about last week:
China 700 BTC:
https://coin.dance/volume/localbitcoins/CNY/BTC
Peru (lol)  143
https://coin.dance/volume/localbitcoins/PEN/BTC

So 100 BTC per day...is not that impressive

And I wouldn't call localbitcoins an indicator
In Europe where you have access to SEPA and fast transactions, it makes no sense to deal with strangers and on top of that pay extra for.....nothing.
Right now the best I could sell my coins for is ~4190, not a great deal isn't it?



75% of the population lives in European Russia and Moscow has always been called an European city.
No matter what territory sits in Asia it's still considered a European country by almost everybody except the author here:P

I totally agree with this. Exchanges are mainly international, so it doesn't make sense to count by them. However, are you sure that this statistic is doing so? They say it's data from localbitcoins trading, right? I guess this website does track the location, the country were the deal is made, right? Another issue is that a lot of people just use exchanges directly, so the localbitcoins infographics does not provide a full picture. The general picture makes sense, though. Asia is known for cryptos, Russia and US as well. This data might be somewhat inaccurate, but I don't think the real list differs much.

Maybe you are right dude, perhaps  many of the Chinese that use Bitcoin are using vpns or vps like Nordpvn or Cyberghost(despite the baning of the vpns) and they have their assets under an American IP or European IP, that way is more trustworthy to work with them and they have their assets safer   also that would explain a lot why they are in the 5th place and not in 4th or 3rd place.

Venezuela is a country in the midst of inflation and currency in this country gradually becoming worthless. Every citizen in this country realizes that crypto is essential to change everything. I believe that FIAT will lose its value and Crypto will gradually replace it in the future.

The US is very extraordinary, I think that US will win to adopt Bitcoin, China has a problem with Bitcoin legality, but, in reality, they are very greedy and a lot of public demand for Bitcoin, on the other side, they are also still worried about government restrictions. and they are more focused on investing and mining, not trading.

It is possible to extract a lot of information from these graphs. But not what the OP wants to demonstrate.

Having venezuela as a great Bitcoins negotiator could be one of the best studies on the use case of cryptocurrencies. The ability of Bitcoin and the Internet to be resistant to authoritarian governments. The willingness of citizens to find alternative ways to save value when they do not trust government.

There are few ways you can save value without having to trust another entity. You will hardly be able to keep gold or silver at home and trade cash when you need to buy food.

Now, what I do not understand is why venezuela has become so popular and other countries with regimes as bad as not. Is it a matter of communication or popularization in these countries? Especially in African countries where the number of smartphones increases in a much larger proportion than the number of bank accounts.

Or maybe it is because of cheap electricity. This would boost local commerce as it would supply and demand Bitcoins locally.

hmm i think china is the country with the highest trading volume in the world, but im wrong, the US is the country with highest volume trading

These five countries are very influential countries when the government starts issuing regulations regarding cryptocurrency
the news will be very sensitive when the issue of cryptocurrency is combined with the politics of these five countries, it means that price controllers may come from these five countries or maybe they are the ones who control the current prices

Well, I think it is because mining bitcoins in Venezuela it is almost for free something like $0.2 or $0.1 cents per kilowatt-hour. In the USA, a kWh costs $0.12 on average so if you have a lot of money and you want to invest in Venezuela the most reasonable thing to do is Bitcoin mining plus there is a lot of high quality and cheap workforce, technicians and software engineers that can do all the work for you. So no wonder that the country is a paradise for bitcoin entrepreneurs

I think this is not accurate as we don't know where is their data came from and also we don't know if their validation is really reliable like i wonder why is it that South Korea is not in the list to think that they also contributed big in the crypto and also why Japan is not belong in the top ranks to think Bitcoin is already treated as real currency in Japan.

i am not saying that China is superpower regarding crypto usage , only thing that i know is that China and crypto has been overhyped in media and the news are extremely different on daily basis. I just dont know what exactly is going on there.

I have to note that fake volumes are  not a charesteristic of China exchnage,s it is huge problem in other regions also. Absically it shows the lack of regualtions in these regions because , it is illegal to show fake volume.

You don't know where the data came from?
Did you bother to open the link and look at the picture?

It says there clearly....LolcaBitcoins all time data!

https://i.imgur.com/48zAgnS.png

And those two countries are not there because people don't deal over LB in those countries! Simple as that!


The only theory from thousands I've heard that makes sense would put the "blame" on the large diaspora of Venezuelans taking refuge in both US and Spain (yup Spain) as they have the means to send back home money (bitcoins).

In case of other countries with such regimes like Zimbabwe, the ones fleeing don't really have the means to get to a better country and get a decent job that would allow them to send money back home.

Furthermore, in the case of Venezuela, it's not a wise choice to send US dollars because of their official and black market rate, the banks will convert the $ at a much lower rate.


So it makes sense sending something that can be changed ar black market rates in bolivars.

So it makes sense sending something that can be changed ar black market rates in bolivars.
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That is all true  bro, that explains why Venezuela is in 4th place

Bitcoin is one of the very prominent crypto currency and which is the highest traded volume in the crypto market. Bitcoin has introduced by a soft ware expert Satoshi Nakamoto in the year 2009 The originator of bitcoins intention was to provide a strong currency to the global community for their daily requirement.The invention of bitcoin is one of the greatest finding  in this century.  Bitcoin is a digital currency which can be operated world wide and it is considered as an electronic asset.Bitcoin has a strong net work systems and it is incorporated with the modern technology .Due to bitcoins technological out fit it is found introducing a new form of economy world wide. which is benefiting the entire global community. Bitcoin has specific characteristics such as a decentralized one with anonymity. Its all transactions are recorded in an electronic ledger with block chain technology. Bitcoin has the highest market capital(74.5 Billion USD) and also the highest daily traded volume (5 billion USD).

           It is hard to say  which country has the highest trading volume of Bitcoin in the world .The top 5 countries that are having trade in Bitcoin is USA ,Russia ,U.K , Venezuela ,and China .Even though Chain is said to be banned in China it holds the fifth place in Bitcoin trading .People mostly turns towards Bitcoin due to the economic uncertainty of their country .USA has the first trading volume of Bitcoin compared to other countries .

Do realise that, yes, and no, it's not an impressive volume at all but I still think X volume of P2P is somewhat worth more than X volume of exchange trading. It's actual people buying and selling Bitcoin on P2P, least from my experiences, even get questions from potential buyers and all that. I'm not 100% sure of what kind of trading/speculating happens on exchanges and there's enough (circumstancial) evidence online to show that exchanges aren't very honest about what they report.

I still sell/buy BTC on LBC and Bisq, even with SEPA options available. Yes agree the rates on guys like Bitpanda are usually better/higher than LBC but there's still some benefit of p2p like bisq where there's a bit less risk involved with multisig escrow for example. I like some of the guys I use like Bitpanda or Coindeal but there's always that nagging feeling one day they'll screw me over (plus they have limits for me that I'll just about reach next year).


75% of the population lives in European Russia and Moscow has always been called an European city.
No matter what territory sits in Asia it's still considered a European country by almost everybody except the author here:P

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Haha yeah I know, but perhaps author wasn't informed the Soviet Union dissolved ;)

Haha yeah I know, but perhaps author wasn't informed the Soviet Union dissolved ;)
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Well to begin with even that the soviet union no longer exists. Russia still has more territories in the Asian continent than on the European continent. It do es not matter where the majority of population lives... You guys should check a map and see for your selves is not that hard. Or visit Wikipedia to get more information nevertheless since Russia has territories in both continents can be called a Eurasian country... do not believe me? well google it

which countries are the highest trading countries, so the quality has indeed increased. but with that sometimes bitcoin is banned because according to them it's negative, even though that fact isn't. bitcoin is indeed down, but that doesn't mean we call it fraud.

Maybe china in 5th place because china government still not lift the ban. I think if china government lift that ban, crypto transaction will be growing significant. China is biggest economic country in the world right now and i am believe china will dominate transaction in the future

The data isn't appropriate with the context of countries. Exchangers in a country  showing reports on that country but in that exchanger, huge foreigners trade daily. So the reports aren't actual, the reports only show the exchanger which country is located.

I think in China there are other cryptocurrencies that are more popular than bitcoin. Many sell and buy Bitcoin outside cryptocurrency exchanges, so statistics are not the most accurate

It seems that you don't understand the content of the topic presented, indeed the topic title looks provocative. The OP only deals with Localbitcoin exchanges all the time, does not deliver the entire data based on popular exchanges. The data is based on the initial transaction in Localbitcoin until 27th July 2018, you must see it here: Local Bitcoins Volume: Dates period - From beginning of time to 27th July 2018 (https://docs.google.com/spreadsheets/d/1CKdE7v2w_cJooY3DhdTJzWfzhA_LQeU1mngLMWvP2j0/edit#gid=0)

this indicates that on the continent of Asia, the use and popularity of bitcoin is not only concentrated in one country. even developing countries like India and Indonesia have started to use this technology. in contrast to developed countries, it is clear that they have a large transaction volume, because that is where large investors live and carry out transactions.